Amazon (NASDAQ: AMZN) has showcased an impressive performance in the 2023 stock market, propelled by the remarkable strength of its AWS business and strategic forays into the burgeoning AI landscape, among other catalysts.
The e-commerce giant experienced substantial revenue growth in Q3 2023, culminating in a recent surge to a new 52-week high for its stock. This stellar performance has positioned AMZN among the top-performing S&P 500 stocks, contributing alongside other tech behemoths to the recent multi-month highs of the broader market index.
As investors look to the future, Finbold employed quantitative analysis, utilizing predictive AI-powered algorithms on the CoinCodex platform, to discern whether Amazon can sustain its current momentum and continue delivering steady returns.
According to its algorithms, CoinCodex projects AMZN stock price to trade at $140.60 per share on January 1, 2024, indicating a potential slight pullback of around 3% from its current levels.
In a month’s time, the e-commerce giant’s shares are forecasted to sit at a similar level of $141.; however, the 1-year projection predicts a significant surge to $211.83. That price target is 46% higher than AMZN’s current market price.
AMZN technical analysis
At the time of publication on December 7, Amazon’s stock was standing at $144.52, down 1.6% in the past 24 hours. In this zone, the company’s shares are propped up by a support line around the $139 mark.
Dropping below this support would allow the bears to test the next major support at $135.52, where the 100-day moving average (MA) is located.
On the upside, AMZN faces near-term resistance levels at $145.8 and $149.3, the latter being its 52-week high. Clearing these barriers would pave the way for bulls to lift the stock above $150 – a price not seen since April 2022.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/ai-predicts-amazon-stock-price-for-january-1-2024/